Snowflake (SNOW) Q2 2026 Earnings
How Did SNOW Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +2.66%.
Did SNOW Beat Earnings? Q2 2026 Results
Yes. Snowflake reported Q2 2026 earnings of $0.35 a share on Aug 27, 2025, beating the $0.27 consensus estimate by 31.3%. Revenue was $1.1B against a $1.1B estimate.
Snowflake delivered a standout second quarter of fiscal 2026, posting adjusted earnings of $0.35 per diluted share against a consensus estimate of $0.2665 — a 31.33% beat — while revenue of $1.14 billion cleared expectations by 5.29% and grew 31.8% year-over-year. The cloud data platform's consumption-based model was the clearest engine behind the outperformance, with net revenue retention holding at 125% and the number of customers generating more than $1 million in trailing twelve-month product revenue climbing 30% to 654. Non-GAAP operating income surged to $127.57 million, more than triple the $43.75 million recorded a year earlier, reflecting meaningful operating leverage as the business scales. With <a href="https://247wallst.com/investing/2026/02/26/snowflakes-7-88-billion-revenue-backlog-is-impressive-the-april-27-lawsuit-deadline-is-not/">remaining performance obligations</a> reaching $6.90 billion — up 33% year-over-year — future revenue visibility remains robust, and management's full-year fiscal 2026 product revenue guidance of $4.39 billion, implying 27% growth, suggests the AI-driven momentum is far from fading.
- 32% year-over-year product revenue growth driven by consumption-based model
- Net revenue retention rate of 125%
- 654 customers with trailing 12-month product revenue greater than $1 million, up 30% YoY
- Remaining performance obligations of $6.9 billion, up 33% YoY
- Non-GAAP operating margin expansion to 11% from 5% in year-ago quarter
- Growing AI adoption with 6,100+ accounts using Snowflake AI weekly
“Snowflake delivered yet another strong quarter, with product revenue of $1.09 billion, up a strong 32% year-over-year, and remaining performance obligations totaling $6.9 billion.”
Snowflake CEO, on the earnings call
What Was Snowflake's Outlook in Q2 2026?
For Q3 fiscal 2026, Snowflake guided product revenue of $1,125-$1,130 million (25-26% YoY growth), non-GAAP operating margin of 9%, and non-GAAP diluted weighted-average shares of approximately 374 million. For full-year fiscal 2026, the company guided product revenue of $4,395 million (27% YoY growth), non-GAAP product gross margin of 75%, non-GAAP operating margin of 9%, adjusted free cash flow margin of 25%, and non-GAAP diluted weighted-average shares of approximately 372 million.
SNOW YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.1B | $868.8M | +31.8% |
| Gross Profit | $773.2M | $580.8M | +33.1% |
| Operating Income | −$340.3M | −$326.5M | +4.2% |
| Net Income | −$297.9M | −$281.1M | +6.0% |
SNOW Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.